IRVINE, Calif., Feb. 10, 2015 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2015 second quarter ended December 31, 2014. The Company also filed its Quarterly Report on Form 10-Q for the second quarter of fiscal year 2015 with the Securities and Exchange Commission today.
Quarter Ended December 31, 2014
Net sales for the three months ended December 31, 2014 increased $152,000, or 6%, to $2.8 million from $2.6 million for the three months ended December 31, 2013, due primarily to increases in medical device revenues. Gross profit for the three months ended December 31, 2014 increased $147,000, or 27%, to $696,000 from $549,000 for the same period in 2013. Contributing to this increase were the increase in sales volume, described above, and the decrease in our accrual for anticipated losses from the development services portion of certain contracts, which decreased by $103,000 compared to the corresponding period of the prior fiscal year.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended December 31, 2014 increased 18% to $1.1 million from $925,000 million in the prior year’s corresponding quarter, reflecting primarily our investment in our newly launched engineering services division.
Loss from continuing operations for the quarter ended December 31, 2014 decreased by $136,000 to $202,000, compared to a loss from continuing operations of $338,000 in the corresponding quarter in 2013. Net loss for the quarter ended December 31, 2014 was $192,000, or $0.05 per share, compared to a net loss of $338,000, or $0.10 per share, for the corresponding quarter in 2013.
Six Months Ended December 31, 2014
Net sales for the six months ended December 31, 2014 increased $193,000, or 4%, to $5.4 million from $5.2 million for the six months ended December 31, 2013, due primarily to increases in medical device revenues, which were partially offset by a decrease in dental product revenues.
Gross profit for the six months ended December 31, 2014 remained stable at $1.5 million, consistent with the same period in 2013.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the six months ended December 31, 2014 increased 14% to $2.1 million from $1.8 million in the prior year’s corresponding period, reflecting primarily the effects of the Company’s investment in our newly launched engineering services division as well as research and development costs incurred to launch in-house battery manufacturing and increases in legal expenses associated with acquisitions and other non-routine transactions.
Loss from continuing operations for the six months ended December 31, 2014 was $383,000, compared to a loss from continuing operations of $320,000 for the corresponding period in 2013. Net loss for the six months ended December 31, 2014 was $362,000, or $0.09 per share, compared to a net loss of $126,000, or $0.04 per share, for the corresponding period in 2013.
Future Strategy
The Company has decided to cease hosting earnings conference calls in the foreseeable future. We are a small public company and our current focus is on improvement of our financial performance, which includes developing new revenue streams, improving and cultivating our valued customer relationships, and responding to new opportunities quickly. We will continue to provide timely earnings releases and other press announcements to keep you apprised of our activities and progress.
About Pro-Dex, Inc.:
Pro-Dex, Inc., with operations in California, Michigan and Oregon, specializes in the design, development and manufacture of powered rotary drive surgical and dental instruments used primarily in the orthopedic, spine, maxocranial facial and dental markets. Its OMS division designs and manufactures embedded motion control systems serving the medical, factory automation, semi-conductor and scientific research markets. Its Fineline Molds division manufactures plastic injection molding for a variety of industries. Pro-Dex’s products are found in hospitals, dental offices, medical engineering labs, scientific research facilities and high tech manufacturing operations around the world.
Pro-Dex also provides quality and regulatory consulting services, as well as engineering consulting and placement services through its Engineering Services Division. For more information, visit the Company’s website at www.pro-dex.com.
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